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‘Open the ECB’s Black Box’ say Varoufakis and De Masi

Yanis Varoufakis and Fabio De Masi in Interview with Brian Maguire from Euractiv

Mar 10th, 2017

‘Open the ECB’s Black Box’ say Varoufakis and De Masi

Euractiv

Greece’s economy suffered a new blow, contracting by 1.2% at the end of 2016, according to revised figures released earlier this week.

The figures, published by the Greek statistics agency, Elstat, show it was the worst quarter since the summer of 2015, when the European Central Bank closed the Greek banks.

The dramatic bank closures were viewed by many as part of the ‘Troika’ campaign to force Greece into a third bailout, complete with new austerity measures. But was closure process legal and within the ECB’s charter and mandate? ECB President Mario Draghi wasn’t sure; Draghi commissioned an independent legal opinion on this issue.

Now, Yanis Varoufakis, former Greek Minister of Finance, and Fabio De Masi, a German, Die Linke MEP, have launched a public campaign demanding the immediate publication of Draghi’s legal opinion.

EURACTIV’s Brian Maguire spoke with Varoufakis and De Masi about ECB transparency, the limitations of its mandate, and reform of the eurozone after the Treaty of Rome 60th anniversary celebrations this month.

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I have been a Member of the European Parliament for North Rhine-Westphalia and Hamburg since 2014. The European Union (EU) is ruled by banks, corporate groups and lobbyists. I want fairness instead of depression.

I want an end to bailing out ’gambler‘ banks, wage dumping, fiscal dumping and destruction of the EU economy. I am fighting for disarmament and peace in international relations. The EU needs new treaties and referendums.